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Wary of Shifting Landscape, Hospitals Tighten Purse Strings

Wary of Shifting Landscape, Hospitals Tighten Purse Strings

SEOUL, Feb. 14 (Korea Bizwire) – Revenue worries in the aftermath of healthcare reforms dubbed “Moon Jae-in Care” are keeping hospitals’ coffers closed even as the government takes pains to encourage the medical sector to invest in new infrastructure.  After initially earmarking 390 billion won for a medical facility in “city of the future” Songdo [...]

Seoul Approves Fund to Pay N. Korea’s Olympic Bills

Seoul Approves Fund to Pay N. Korea’s Olympic Bills

SEOUL, Feb. 14 (Korea Bizwire) — South Korea on Wednesday approved a plan to use a government fund to support North Korea’s participation in the PyeongChang Winter Olympics, officials said. The South and North Exchange and Cooperation Promotion Council passed $2.64 million (2.86 billion won) in spending from the government budget for inter-Korean cooperation to [...]

Government Considering Compulsory Military Service for Naturalized Citizens

Government Considering Compulsory Military Service for Naturalized Citizens

SEOUL, Feb. 13 (Korea Bizwire) – The South Korean government is mulling over compulsory military service for naturalized citizens. According to the immigration reforms announced by Prime Minister Lee Nak-yeon at a meeting on Monday, men with naturalized Korean citizenship will be required to serve in the military just like South Korean-born citizens. During the [...]

Activists Call for Gov’t Oversight in Foreign Adoption Process

Activists Call for Gov’t Oversight in Foreign Adoption Process

SEOUL, Feb. 13 (Korea Bizwire) – An association of civic groups in the southern city of Gimhae raised their voices on February 12 in lashing out against the current “privatized” nature of the foreign adoption process, demanding that the government take on greater responsibility.  “The privatization of the foreign adoption process has left many foreign [...]

S. Korea’s Trade Surplus with the U.S. Drops 17 pct in 2017: Data

S. Korea’s Trade Surplus with the U.S. Drops 17 pct in 2017: Data

SEOUL, Feb. 12 (Korea Bizwire) — South Korea’s trade surplus with the United States dropped 17 percent on-year in 2017, despite the fact that no changes have yet been made to the free trade pact that Washington claims unfairly favors Seoul, market watchers said Sunday, citing official data. Observers said trade numbers released by the [...]

Government to Create 300 Billion Won Support Fund for Socially Responsible Financial Companies

Government to Create 300 Billion Won Support Fund for Socially Responsible Financial Companies

SEOUL, Feb. 9 (Korea Bizwire) — The government has announced plans to set up a 300 billion won support fund for socially responsible financial companies and cooperatives. A number of government branches reached an agreement on the proposal during a meeting on Thursday, including the Office for Government Policy Coordination, the Financial Services Commission, the Ministry [...]

Gov’t to Bolster Chip, Display Industries, Improve Localization

Gov’t to Bolster Chip, Display Industries, Improve Localization

SEOUL, Feb. 8 (Korea Bizwire) — The industry ministry launched a project Thursday to bolster the country’s semiconductor and display sectors through new technology development and localized production. The project will be driven by the “Gap 5″ strategy, under which South Korea will try to maintain a five-year lead compared to emerging economies in the [...]

Low-Income University Students to Receive Tuition Subsidies

Low-Income University Students to Receive Tuition Subsidies

SEOUL, Feb. 7 (Korea Bizwire) — An increasing number of university students from low-income households will receive tuition discounts of up to 50 percent from this year. The Ministry of Education said on Tuesday that nearly 3 in 10 university students will benefit from the national low-income scholarship programs this year, as government funding has increased [...]

Gov’t Pushes for Deregulation, Higher Services R&D Spending

Gov’t Pushes for Deregulation, Higher Services R&D Spending

SEJONG, Feb. 7 (Korea Bizwire) — The government said Wednesday that it will seek drastic deregulation and greater spending on research and development (R&D) to raise service sector competitiveness and find a new growth engine. The nation’s service sector needs to be transformed through innovative growth driven by policy backup, thus creating more quality jobs, [...]

Seoul Delays Implementing Tax Change for Foreign Investors

Seoul Delays Implementing Tax Change for Foreign Investors

SEJONG, Feb. 6 (Korea Bizwire) — South Korea’s finance ministry said Tuesday it would delay the implementation of a revised tax scheme designed to widen the taxation base among foreign investors in the face of strong calls from related industries to scrap such a move. Under the revised tax schemes, the Seoul government was planning [...]